The hits keep coming for the Pac-12.
The San Jose Mercury News reports the conference fired the president and CFO of the Pac-12 Networks for failing to disclose $50 million in overpayments “by a media distribution partner to the networks that made the annual revenue appear more robust than it was.”
The report identified the executives as Pac-12 Networks president Mark Shuken and CFO Brent Wilman.
“Earlier today, the Pac-12 terminated the employment of two senior executives, effective immediately. This action was taken following an investigation conducted by independent outside legal counsel. The terminations resulted from a failure by those two executives to disclose material information to the Pac-12 Board of Directors and external Pac-12 auditors in connection with overpayments by a Pac-12 Networks distribution partner dating back to 2016.
“The Pac-12 took immediate and appropriate action to address this matter, consistent with best governance practices. Pac-12 leadership is committed to supporting our members and student-athletes, and always operating at the highest level of professionalism.”
ESPN and Fox are not Pac-12 Network distribution partners.
One maybe important side effect: It could potentially impact Pac-12 athletic department budgets in the future.
USC is lucky to be leaving the Pac-12.